Bermuda Economic Development Corporation (BEDC)

The Bermuda Economic Development Corporation (BEDC) was established in 1980 as the Bermuda Small Business Development Corporation. This joint venture between Bermuda’s banks and the Government was formed to actively assist the development of a strong, well managed and prosperous small business sector in Bermuda. In 2011, the BSBDC Act was amended to expand its remit in order to provide support and services to medium sized businesses; as a result the BSBDC changed its name to BEDC to encompass its expanded legislation. The key objective of the BEDC remains providing a broad range of business advice and financial assistance to local businesses in Bermuda.

During its first decade of operation, the BEDC provided general start-up guidance, bookkeeping advice and loan guarantees that served as collateral for bank loans for persons who may have otherwise been declined by a Bank. In the early nineties, as the small business landscape changed and grew from “mom and pop operations” to employing more persons, competition grew and market demands became more complex. BEDC then began to offer reasonably priced quarterly seminars and workshops to enable entrepreneurs to educate themselves on relevant topics such as managing cash flow; controlling expenses and overhead; and developing marketing plans and communication strategies.

Over the years BSBDC has counseled thousands of Bermudians on starting, expanding, winding up, restructuring, buying, and/or selling a business. An average of 350 private business advisory sessions on an annual basis are offered covering numerous types of businesses.

BEDC’s free confidential counseling is offered one-on-one and has, in many cases, ended in the production of a business plan and a BEDC Loan Guarantee used to start a new business. To date, BEDC has supported in excess of $20,000,000 (twenty million dollars) in bank loans through the Loan Guarantee Program, directly assisting close to four hundred business persons.

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The key objective and function of the Bermuda Economic Development Corporation is to assist the development of a strong, well-managed and prosperous small business sector in Bermuda by providing existing and potential small business owners with a broad range of business advice and financial assistance.

The maintenance of a strong and vibrant small business sector is critical for a successful economy in any country. We see this sector as a significant employer of Bermuda’s population and a primary driver of innovation and creativity in the provision of goods and services. Thus, for Bermuda to maintain its position as an innovative and successful business jurisdiction, it is vital for the small business sector to be supported and cultivated.

The BEDC prides itself in serving that purpose.